Tag: OMCs
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Fuel to go up by 2.5 percent
Fuel prices are likely to go up again by about 2.5% for the second pricing window in April. This is the prediction by the Institute of Energy Security (IES). By this, fuel prices are expected to go up between April 16, 2018 to April 30, 2018. The Institute, projected fuel prices to go up between…
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Fuel prices increase by 1.5 percent in April
The prices of petroleum products at the pumps have gone up by about 2 percent for the first pricing window this month (April). For the first two weeks of this month, consumers should be prepared to pay more for fuel they purchase at the various retail outlets for the Oil Marketing Companies (OMCs). The first…
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OMCs maintain prices for first pricing window in January
Oil Marketing Companies (OMCs) have maintained their prices at the pumps for the first pricing window in January 2018. Checks by Citi Business News at some major oil marketing companies have shown that the prices of fuel were kept unchanged for the period spanning January 1, 2018 to January 15, 2018. A litre each of…
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Fuel prices to remain unchanged till year end
Fuel prices are expected to remain stable at the pumps for the second pricing window of December. This means that fuel prices will remain unchanged till the end of the year. The Institute of Energy Security (IES) who predicted this attributed the development to a relatively insignificant change in oil prices at the global market.…
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LPG marketers backdown on closure of outlets
LPG operators have announced the rescheduling of the maintenance of their retail outlets with immediate effect. The move according to the businesses, is to ensure uninterrupted supply of liquefied petroleum gas. The decision was arrived at after an emergency meeting between OMCs, Ghana Liquefied Petroleum Gas Operators and the Liquefied Petroleum Gas Marketing Companies on…
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‘Vigilant’ fuel purchases to halt cheating
The Consumer Protection Agency (CPA) has advised the general public to insist on making fuel purchases in litres when buying from fuel stations. The CPA says the current practice where consumers just concentrate on the monetary value of their fuel purchases has partly contributed to the rise in cheating by the Oil Marketing Companies (OMCs).…
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COPEC pushes for measures to mitigate $ 1.5bn loss to illegal fuel
The Chamber of Petroleum Consumers (COPEC) says Ghana is at a high risk of losing more revenue if it continues to ignore the fuel smuggling menace in the country. COPEC believes strongly that the government has turned a blind eye to the fuel smuggling issue which if not handled properly, will affect all consumers. “Indeed…
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Ghana to suffer reputation crisis over illegal fuel trade
Ghana’s international reputation will suffer a dip if it fails to stop the illegal sale of petroleum products in the immediate term. According to some industry watchers, the country could serve as an attractive destination for pirates as they would capitalize on the lax regime to perpetuate their illegal acts. The caution comes days after…
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COPEC demands arrest of illegal petroleum traders
The Chamber of Petroleum Consumers (COPEC) is calling on government to urgently investigate and arrest culprits involved in the illegal sale of petroleum products. COPEC believes this will ensure the immediate halt of the illegal activity and revamp the once vibrant sector. Oil Marketing Companies on Tuesday revealed that about 4,000 workers may lose their…
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Banks’ NPLs to worsen over huge petroleum debts – OMCs
The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector. According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales. The caution by the OMCs…